{"id":570762,"date":"2020-04-14T04:16:29","date_gmt":"2020-04-14T04:16:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/egypts-cabinet-to-determine-which-industries-are-eligible-for-income-tax-relief-program\/"},"modified":"2020-04-14T04:16:29","modified_gmt":"2020-04-14T04:16:29","slug":"egypts-cabinet-to-determine-which-industries-are-eligible-for-income-tax-relief-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/egypts-cabinet-to-determine-which-industries-are-eligible-for-income-tax-relief-program\/","title":{"rendered":"Egypt\u2019s Cabinet to determine which industries are eligible for income tax relief program"},"content":{"rendered":"

<\/a> EXCLUSIVE- Businesses will find out before month\u2019s end whether they are eligible for<\/strong> corporate income tax relief:<\/strong> The Madbouly Cabinet will issue a decision as early as next week on which industries are and are not eligible for the income tax relief program ordered by President Abdel Fattah El Sisi, a senior government official told Enterprise yesterday. The program, which El Sisi announced last week<\/a>, will allow businesses in industries that have been affected by the covid-19 outbreak to pay corporate income taxes in three instalments, with the final instalment due on or before 30 June.<\/p>\n

The key here is <\/strong>how Cabinet<\/strong> will choose to define \u201caffected\u201d industries.<\/strong> Our source remained tight-lipped on which industries are most likely to be eligible for the program, but signaled that it would likely be sector-specific. Obvious candidates include tourism and aviation, both of which have ground to a complete halt. Other senior government officials we spoke with last week<\/a> had suggested that the government could make the relief plan available for all businesses since the slowdown has touched most industries.<\/p>\n

Cabinet will also decide on the program\u2019s fine print<\/strong>, including whether eligible businesses will have to submit individual requests to participate in the instalment program or if they\u2019ll be automatically enrolled. We\u2019re also waiting to find out whether Cabinet will require the instalments to be three equal chunks. The sources we spoke with last week had said taxes would need to be paid in three equal installments on 30 April, 30 May, and 30 June.<\/p>\n

Reminder: There will be no interest, fines, or late fees<\/strong> for businesses benefiting from this program.<\/p>\n

Meanwhile, don\u2019t expect the government to budge on the healthcare tithe<\/strong>, which businesses will be required to pay when they file and remit their taxes, the official tells us. The fee \u2014 which will be calculated as 0.25% of all companies\u2019 revenues \u2014 will be used to fund the new universal healthcare system. The tithe is not tax deductible.<\/p>\n

Companies need to pay other taxes including wage taxes, VAT and withholding taxes <\/strong>on schedule, our source stressed.<\/p>\n

Not at issue: <\/strong>Breathers on real estate tax for companies in tourism and select sectors of manufacturing, as well as changes to the stamp tax, both of which were announced earlier in the covid-19 outbreak<\/a> as part of the government\u2019s wider policy response. <\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Businesses will find out before month\u2019s end whether they are eligible for corporate income tax relief: The Madbouly Cabinet will issue a decision as early as next week on which industries are and are not eligible for the income tax relief program ordered by President Abdel Fattah El Sisi, a senior government official told […]<\/p>\n","protected":false},"author":1,"featured_media":570763,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[96,107,72,276,7313,1350,277,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abdel-fattah-el-sisi","tag-covid-19","tag-enterpriseam","tag-finance-ministry","tag-income-tax","tag-madbouly-cabinet","tag-mohamed-maait","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"a701d4b2-5bbd-463b-ab64-223474247789","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/124.jpg","photo_position":"above","related_issue":[570757],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s Cabinet to determine which industries are eligible for income tax relief program - 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Under the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570625,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/","url_meta":{"origin":570762,"position":1},"title":"FinMin working on specifics of corporate income tax relief program","author":"enterpriseam admin","date":"8 April 2020","format":false,"excerpt":"EXCLUSIVE- FinMin working on specifics of corporate income tax relief program: Businesses looking to pay their income taxes in installments under a tax relief program ordered by President Abdel Fattah El Sisi earlier this week will most likely be required to make three equal payments by set dates, with the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/74.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571366,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/10\/el-sisi-ratifies-four-bills-including-covid-19-tax-relief-income-tax-amendments\/","url_meta":{"origin":570762,"position":2},"title":"El Sisi ratifies four bills including covid-19 tax relief, income tax amendments","author":"enterpriseam admin","date":"10 May 2020","format":false,"excerpt":"LEGISLATION WATCH- El Sisi ratifies four newly approved bills, including covid-19 tax relief, higher income tax exemptions: President Abdel Fattah El Sisi has signed into law four laws recently voted in by parliament, including amendments that raise the income tax exemption threshold. Other laws include allowing pensioners to add the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582860,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/09\/cabinet-signs-off-on-new-wage-pension-hikes-with-higher-price-tag-than-originally-projected\/","url_meta":{"origin":570762,"position":3},"title":"Cabinet signs off on new wage, pension hikes with higher price tag than originally projected","author":"enterpriseam admin","date":"9 March 2023","format":false,"excerpt":"The cost to the state budget: EGP 190 bn","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/cabinetmeeting-1600px-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621904,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/govt-to-send-real-estate-tax-act-amendments-to-house-in-december\/","url_meta":{"origin":570762,"position":4},"title":"Gov\u2019t to send Real Estate Tax Act amendments to House in December","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Gov\u2019t to send Real Estate Tax Act back to House in December: The Madbouly Cabinet has pledged to send amendments to the Real Estate Tax Act back to the House of Representatives for review in December, said Rep. Yasser Omar. The House had overhauled government-proposed amendments and drafted\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646437,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/14\/house-planning-committee-approves-raising-minimum-income-tax-threshold\/","url_meta":{"origin":570762,"position":5},"title":"House Planning Committee approves raising minimum income tax threshold","author":"enterpriseam admin","date":"14 June 2017","format":false,"excerpt":"Income tax changes wending their way through the House: The House Planning and Budgeting Committee approved yesterday raising the maximum sum a private citizen can earn without paying income tax to EGP 7,200 per year from EGP 6,500, Ahram Gate reports. 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